Management: Properties and Assets
VIVA can help you achieve excellence in property and asset management to ensure long-term quality and help your organization function as a successful owner. We incorporate best practices from around the country to provide turnaround strategies; organizational and operational design; and coaching and professional support for property and asset management executives.
Continually Improving Property and Resident Outcomes: Pelham Apartments
The unstaffed Board of the nonprofit Pelham Corporation has successfully governed the operations of two adjacent properties (totaling 540 units) of low- and moderate-income housing in Framingham, MA for well over 30 years. Since 2004, VIVA has been Pelham’s asset manager, working hand-in-hand with both its Board and its long-time property manager, Corcoran Management Company. Initially, the focus was on maximizing the budgets to fund routine operations, undertake regular capital improvements and support a modest resident services program.
More recently, the team with VIVA Consulting has been able to take advantage of new opportunities to:
- Acquire land abutting one of the properties to build a dedicated 8,000 square foot Lifelong Learning Center with a staff of six, facilitating a significant expansion of programs and services for residents of both properties;
- Refinance both properties, raising funds for more capital improvements and generating significant annual cash flow; and
- Realize an equity distribution from the refinancing to both fund the construction and aid in the operations of the Lifelong Learning Center as well as establish an investment fund that will further the Board’s goals to advance affordable housing.
Pelham Apartments demonstrate what is possible when a team has clear and shared objectives, a willingness to prioritize outcomes when resources are modest, and an ability to seize opportunities when they present themselves.